By Dipo Olowookere
The nation’s external reserves are gradually swelling again after shrinking for several days, giving managers of the economy something to worry about.
This is because the price of crude oil, the major commodity Nigeria earns foreign exchange from, was going up in the international market and it was expected that the reserves should be going up as well.
Recall that when the foreign reserves were recording upward trajectory, the present administration of President Muhammadu Buhari went to the roof top to let Nigerians know things were going on fine, but since the reserves had been going down, the noise about the external reserves has waned.
However, data obtained by Business Post from the website of the Central Bank of Nigeria (CBN) has shown that the reserves are growing again.
Within four days, Nigeria’s foreign reserves appreciated by $202 million to settle at $47.627 billion as at Wednesday, June 13, 2018.
Business Post observed that the external reserves started adding weight on Friday, June 8, 2018, when $12 million was added to the reserves.
However, on Monday, June 11, about $110 million was added to the reserves.
The next day, $38 million entered into the reserves and on Wednesday, an additional $42 million hit the external reserves to close at $47.63 billion.
The CBN expects the foreign reserves to hit $50 billion.
Every week, the apex bank takes from the reserves to support the Naira at the foreign exchange market. This has kept the local currency stable at N363 per Dollar at the market.
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